A group of entrepreneurs, investors, companies and pension funds is setting up an investment fund to back small and medium-sized businesses with a good business plan for growth and investment.

Those taking part in the fund, known as Entrepreneurial Oranje Kapitaal (OOK), pledge a minimum of €100,000. So far the fund has accumulated tens of millions of euros, according to Nos television.

The aim is to launch the fund in 2014 with assets of €100m.

Once the fund is up and running, small and medium-sized businesses will be able to apply for a minimum €250,000 and their plans will be assessed.

Financial services and property will not be considered.

Departing ING CEO Jan Hommen is one of the founders of the fund, and chairman of the board of commissioners is former Friesland Campina CEO André Olijslager.